Shell sells Singapore Energy and Chemical Park to CAPGC

Shell unit Shell Singapore has reached an agreement to sell its energy and chemicals park in Singapore to CAPGC, a joint venture of Chandra Asri Capital and Glencore Asia Holdings. The transaction will transfer all of Shell's interests in the Shell Energy and Chemical Park in Singapore to CAPGC.

"This agreement marks an important step in Shell’s ongoing efforts to enhance our chemicals and products business and demonstrates our commitment to delivering more value with fewer emissions, as outlined at our Capital Markets Day last year." said Huibert Vigeveno, Director Downstream, Renewables and Energy Solutions at Shell.

"We are proud of the history of Wukong and Jurong Island and the contribution this sector has made to Singapore’s economic growth over the past decades. Our commitment to Singapore remains strong and its importance as a regional hub for our marketing and trading operations remains important. As Singapore continues to decarbonise, Shell looks forward to an ongoing partnership with customers in the country and across the region."

Shell achieved this milestone through a competitive bidding process. Employees at Shell Energy & Chemicals Park Singapore will continue to be employed by CAPGC under the new ownership, providing continuity for employees and contributing to the reliability and safety of ongoing operations.

The transaction is expected to close by the end of 2024, subject to regulatory approvals.